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pelroleum Marl(eters <br /> February 1.1, 1992 <br /> Dear Customer: <br /> over the past few months, we have 11-d a (difficult time with <br /> our cash r1ow. Whether you are a small business or one of <br /> our. ret:a.i.l. customers, you are t:7r.obably experiencing the same <br /> tough economy that we are. <br /> We have been working with our major suppliers and creditors <br /> to honor the commitments we have made and we were doing quite <br /> well up unt 1.1 last week. At t1iat time, the State Board of <br /> Equalization decided to stop working with us on a payment <br /> schedule that we had mai.ntaine(d faithfully since March of <br /> :1.991 . Neither JrMCO nor our other ma:jo.r creditors were able <br /> to dissuade the Board from their arbitrary position and, as a <br /> result, we have had to seek the protection of the federal <br /> court by filing under Chapter 11 of the bankruptcy laws. <br /> We have been working with consultants to restructure our <br /> financial affairs and had just: about completed our <br /> reorganization plans before be.i.ng forced to file. Chapter 11 <br /> will give us the added time that we need to complete our <br /> .reorganization. <br /> 1 am confident that we wIl.l have a successful reorganization. <br /> our key suppliers have commuted their support and we have <br /> had no interruption of our service to you . We value your <br /> continued business . You can count on my unqualified support <br /> in return. <br /> 1 will keep you advised of our status and look forward to a <br /> speedy conclusion to the sitkiati_on. <br /> "hank you in advance, 1lltht: 1I1tON`,0N, ImONSON & iIGKI.NNON <br /> 5o�i IION'1'CMII,'1t1' S'1'12E1'.'1 <br /> �rtt L;AN VRAN(;lS(',0, (,A 94 11 1-'2 i 1h S'1'ULTI. : <br /> �'r - "j (AIA1'"1`l'.1t it 1.1) (/92- 10290 <br /> Jim McCaffrey <br /> . . . . . . . . . . . . . . . . . .4 15-986--4211(} <br /> FAX. . . . . . . . . . . . . . . . . . . . .415-982- 1394 <br /> P.O. Dox 076 - 365 Todd nand - Santa fiosrt - California • 95402 <br /> (707) 504-7650 • (707) 795.1773 • (600) 227-2505 <br />